LESSON 1 ACCOUNTNG CONCEPTS AND BASIC ELEMENTS - CONTENT

Definition of Accounting:

______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________
______________________________________________

ACCOUNTING IS THE PROCESS OF

Financial Information ( ______________________________________ )

The accounting process is based upon the folloowing five fundamental

concepts:

1. _____________
2. _____________
3. _____________
___________

FUNDAMENTAL CONCEPTS
OF ACCOUNTING

4. ____________
5. ____________

________________________
___________
_________________________
_________________________
_________________________
_________________________
_________________________
_________________________
_________

THE ACCOUNTING EQUATION

The accounting equiation states:

The accounting Equation

EQUALS (=)

__________________
PLUS (+)
_______________________
PLUS (+)

MINUS (-)
_________________

BASIC ELEMENTS
The Account
(

The left side of an account is called DEBIT

And the right side called CREDIT

The Entry

____________:

BALANCE SHEET

____________

____________

_______________________

C. ________________________________

N. ________________________________

BALANCE SHEET

_________

____________________

_______________________
__________________

REVENUES

EXPENSES

PROFIT OR LOSS

REVENUES

EXPENSES

PROFIT OR LOSS

REVENUES

EXPENSES

PROFIT OR LOSS

FINACIAL STATEMENTS

___________________

_________________

_________________

___________________________________
_____________________

_________________

___________________________________

__________________________________

__________________________________

_________________
_________________

_________________
_________________

_________________
_________________

FINANCIAL STATEMENTS

___________________________________

________________________
________________________
________________________
________________

__________________________________________
__________________

________________________
_______________

______________________________
_________________

C _________________

N _________________

I _________________

BALANCE SHEET

_________

____________________

_______________________
__________________